Recording a Merger Petra Corporation paid $10 million in cash to acquire the assets and liabilities of Salisbury Company. Petra also agreed to make an additional cash payment in the future, with an expected present value of $500,000, if certain performance targets are met. Petra paid legal and consulting fees of $400,000 in cash in connection with the merger. A comparison o book and fair values of Salisbury's assets and liabilities follows: (in thousands) Book Value Fair Value Current assets $ 400 $ 350 Property and equipment, net 4,600 1,600 Patents and trademarks 800 1,500 Current liabilities (600) (600) Long-term debt (2.900) (3,000) Net assets $ 2,300 $(150) Salisbury also has previously unreported developed technology, valued at $2 million, that meets ASC Topic 805 criteria for capitalization. Required Prepare the journal entry or entries made by Petra to record the business combination as a merger. Enter answers using all zeros - do not abbreviate into thousands as shown above table. X X 0 Salisbury also has previously unreported developed technology, valued at $2 million, that meets ASC Topic 805 criteria for capitalizati Required Prepare the journal entry or entries made by Petra to record the business combination as a merger. Enter answers using all zeros - do not abbreviate into thousands as shown above table. Description Debit Credit Current assets Plant and equipment Patents and trademarks Identifiable intangible: developed technology Merger expenses Goodwill Investment in Salisbury Co. Current liabilities Long-term debt Cash X 0 X X 0 X 0 X 0 X X X X 0